How Long Should You Keep Tax Records? Carryforwards Can Require Decades of Documentation
A recent Tax Court case shows why old tax records can remain important decades after a transaction. When a carryforward is used, taxpayers may need to prove where it originated, how it was calculated, and what remains. Learn what records should be preserved for capital losses, AMT credits, NOLs, passive losses, and other tax carryforwards.
Can The IRS Disallow A Tax Strategy That Follows The Tax Code?
A recent federal court decision denied more than $100 million of claimed tax benefits because the underlying transaction lacked economic substance. Learn what business owners should know before implementing sophisticated tax planning strategies.